Biden Plans Tax Increase to Support Social Security Amid Polling Challenges Against Trump Before General Election
President Joe Biden’s team is grappling with strategies to regain lost ground in the upcoming presidential election, and one potential avenue involves raising taxes on the wealthy to fortify Social Security—a move that could redefine the economic policy contrast between the two parties. Recent polls indicate a significant lead for Donald Trump among Republicans, creating a sense of urgency within the Biden camp. Sources reveal that considering Trump’s commitment to protecting Social Security, the proposal to tax the affluent aligns with Biden’s vision. To implement this, Biden may need to broaden his tax increases, excluding those earning under $400,000 annually, according to insiders.
Amidst these considerations, public sentiment, as reflected in a CBS News/YouGov poll, unveils skepticism about Biden’s policies, with around half of likely voters fearing worse financial outcomes. This contrasts with perceptions of Trump’s policies, with an equal share believing they would fare better. ( 📄 “One thing that the president does not do is insult voters or American people” – WH Press Sec. Says ) The Biden camp argues that the President is championing the average American, positioning his policies against Trump’s historically lenient stance on corporations and the wealthy. ( 📰 “It’s Not A Coincidence” Maine Secretary Of State Reveal What Happened After Election Ballot Ruling ) White House spokesman Andrew Bates emphasizes the fight for an economy centered on the middle class and advocates for historic progress in various areas.
A strategic move for the Biden team revolves around efforts to cap prescription drug prices, seen as a potent political message garnering support from a majority of voters who demand assertive action against pharmaceutical companies. ( 📈 Melania Trump Apparently Refused To Ride With Donald Trump At Her Mother’s Funeral ) Proposals to cap prices in the private market, extending benefits beyond those covered by Medicare, are under consideration. (abcnews.go.com) However, the battle over tax policy remains contentious, with Biden emphasizing his dedication to the middle class. The recent approval of a 15 percent minimum tax on corporate profits signals a commitment to such principles, allowing Biden to highlight his goal of taxing billionaires in a potential next term.
Despite Trump’s previous tax policies being framed as a ‘middle-class miracle,’ data from 2018 reveals a stark reality. The wealthiest 400 families in the U.S. paid an average effective tax rate of 23 percent, while the bottom half of American households paid a higher rate of 24.2 percent. Biden’s administration, keen on reducing corporate power, aims to address corporate price-gouging and hidden ‘junk fees.’ Recent initiatives, including capping overdraft fees and enhancing price transparency in various industries, indicate a concerted effort. Yet, challenges persist, with courts hindering some progress and corporate profit margins remaining elevated.
Biden and Trump maintain close favorability ratings, with Americans finding Biden at 33 percent favorable, slightly trailing Trump at 35 percent. The anticipation builds for Biden’s State of the Union address and White House budget proposal in March, with his advisers suggesting that the president’s campaign message will crystallize further. (dailymail.co.uk) As the political landscape unfolds, the emotionally charged dynamics of economic policies, taxes, and corporate accountability create a narrative that resonates deeply with the politically mature audience in the United States, igniting conversations about the nation’s future direction.
